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What Is Your Personal Injury Claim Worth? You could be entitled to compensation if you have been injured in an accident. A personal injury lawyer can assist you to determine how much your claim is worth. The amount of compensation you get is determined by the severity of your injuries and several other factors. Most compensation awards include economic damage, such as reimbursement for medical expenses and compensation to cover future medical care. No-fault system The no-fault system in New York is designed to help victims recover damages for medical expenses as well as other financial losses. However, the system does not cover non-monetary damages like pain and suffering. Therefore, victims may have to make a personal injury claim to obtain the amount they are due. A knowledgeable attorney can help you navigate the process of obtaining the money you require to pay your bills and get back on track after an accident. The value of your personal injury claim can be determined by the severity and type of your injuries. Injury that causes permanent impairment or disfigurement tend to have a higher value than those that do not. In addition, the extent to which your injuries have impacted your life quality will add value to your claim. It is crucial to keep track of all your medical expenses and financial losses in order to receive a full reimbursement. This includes doctor visits, surgeries physical therapy, medications, assistive devices and any other medical treatment you will require in the near future. Your lawyer can determine this amount by reviewing your medical records and getting a prognosis form your doctor. When determining the value of your personal injury claim, it is crucial to take into account any income sources from third parties you have received from sources other than the negligent party. Anchorage injury lawsuits is referred to as the collateral source and it prevents negligent parties from cutting your compensation by subtracting the money you've already received from other sources of income. If you reside in a no fault or tort liability state, the value of your personal injury claim will depend on how severe your injuries are and the number of people who were injured in the accident. A strong personal injury attorney can help you understand the no-fault system and fight for the full amount of compensation you are entitled to. In a number of states, like New York, no-fault insurance coverage is mandatory. Also known as personal injury protection (PIP), this type of coverage pays for your medical expenses and lost wages in the event that you are injured in an accident, regardless of who caused the crash. PIP limits vary by state, but most offer at least $2,500 in coverage for medical expenses and a limited amount of coverage for lost wages. Damages for pain and suffering In personal injury cases, the aim is to make the victim whole. This could mean returning them to the financial position they were in prior to the accident, covering medical bills and car repair costs, and compensating the victim for lost income, and other damages that are not economic, such as pain and suffering. The law defines the term “pain and suffering” as a broad term that refers to physical or emotional impacts that the injury has had on the person's life. This includes pain and discomfort, mental anguish, loss of energy or health, and inability to lead an ordinary life. These non-economic damages can be more difficult to quantify when compared to other types of damages, such as medical bills or lost wages. There are several ways to use to determine the value of suffering and pain. For instance medical records that reveal the severity of a victim's suffering can be a valuable evidence. The testimony of a victim or family members could also prove how the injuries have impacted their lives. Imagine, for instance, that you have an injury that has prevented you from taking long runs in your spare time, or from engaging in your hobbies. You'd probably be able show how these activities have affected your standard of life. In addition, you could have photos or videos that demonstrate your condition. These types of evidence can be extremely convincing to a jury, even if they are not backed by scientific evidence. There are two ways that courts calculate pain and suffering: the multiplier method and the per diem method. The multiplier method is based on multiplying the claimant's economic damages by one and five. The per diem method assigns a certain amount for each day of pain and suffering until the claimant is at “maximum improvement”. These procedures aren't set in the stone of law as juries and judges have wide discretion when awarding this type of compensation. It is therefore crucial to be aware of the best way to demonstrate your claim for suffering, pain and other damages, to increase your chances of receiving an equitable settlement. Damages for loss of wages A large portion of a personal injury settlement can be damages for lost wages. This includes any time lost from work due an accident, including weekends and holidays. This also includes commissions, bonuses and tips that would have been earned through the job. The value of these losses is typically determined by a forensic accountant or other financial expert. These damages are usually easily calculated and can be proven using paystubs, W-2 forms, and other employee records. You can examine the amount you earned before the injury to the amount you made after. You might also be able to include any vacations, sick days or personal time off that you had planned to take but were not able to take due to your injury. This type of compensation may allow you to recover some of the income loss due to your inability of work, or compensate for future losses. However, you will not receive the entire amount you would have received if the injury had not occurred, because there could be an obligation from other parties who paid for treatment or medical bills. If you are a self-employed person, it may be more difficult to prove the loss of wages however, this is something which your attorney can discuss with a financial professional. Experts can estimate your future earnings based on your present earning capacity. They will consider things like the kind of work you typically do, the number of hours you work each week, and your hourly rate. Damages to earnings that you may suffer in the future are similar to past income loss, however they are based more on your ability to earn more money in the near future than what you earned in the past. They could also be referred to as loss of future earning capacity or impairment of earning potential. They can only be awarded if it can be established that the injury will last for a long time and significantly hinder your ability to work in the future. Another type of compensatory damages is referred to as general damages and may include expenses such as pain and suffering. This is a subjective type of damages, which can be difficult for the court to quantify. It is often granted in addition to other types of damages like medical expenses and lost wages. To be eligible for this type of award you must prove that you experienced physical, mental, and emotional stress as a result. This can include a doctor’s report or an expert's testimony from a psychologist or psychiatrist. Damages to cover future medical costs In personal injury cases, future medical costs can make up the majority of your settlement. However they can be difficult to determine and prove. The damages are usually calculated based on your future needs. They may also include the cost of medication, an estimate from a physical therapist of the length of time you'll require treatment, and other factors. You will have to rely on experts like doctors or therapists to prove future medical expenses. These experts will testify regarding the nature of your injury, and the likely impact it will have on you in the near future. They will also help you to determine the present value of those expenses. Your attorney will then use the information to create a convincing argument on your behalf. Another consideration is the loss of income you will experience due to your injuries. This could include loss of earnings bonuses, commissions and benefits. There may be a need to pay an attendant or nurse in your home as well as be entitled to compensation for cost assistive devices such as wheelchairs and canes. Many injured victims require a great deal of ongoing treatment and care after their accident, which can be extremely expensive. This includes physical therapy, and occupational treatments. The injured victims are entitled to compensation for these costs and the cost of transport and accommodation to and from appointments. It's also important to consider other non-medical costs associated with your accident, like the loss of enjoyment of activities you were enjoying prior to your accident. This type of damage can be difficult to quantify but it's important to record as accurately as you can. You could seek compensation for these damages by filing a lawsuit or settling outside of court. A settlement is a negotiation with the defendant or their insurance company to settle an issue outside of court. A lawsuit however, requires a trial and proof that your injury was the result of the negligence or reckless actions. A personal injury lawyer will help you to determine the best path for your particular situation.